Changes to our Credit Card Terms and Conditions

On 4 July 2018, we’re updating our Credit Card Terms and Conditions for two main purposes:

  • to comply with the new Code of Banking Practice, refer to Clause 14 “Your liability for unauthorised transactions”
  • to clarify when we’ll charge you interest on your account, refer to Clause 12 “Interest”.

Download a copy of the new Credit Card Terms and Conditions (PDF 154.2 KB) effective from 4 July 2018.

Changes to our General Terms and Conditions

We’ve updated our General Terms and Conditions. A summary of the changes are:

  • Changes to assist us to comply with the new Code of Banking Practice;
  • Changes to clarify your and our rights and obligations in relation to certain products and services (including cards, internet and mobile banking and phone banking), and when your information may be disclosed;
  • Minor wording changes on the information we hold about you, internet banking, mobile banking and phone banking;
  • When you request certain transactions or changes within internet banking or our mobile app we may require you to enter a One Time PIN sent to your mobile number before we will process the request. The main change is set out in section 51.

These changes are effective from 1 June 2018. Download a copy of the new General Terms and Conditions brochure (PDF 281.0 KB).

We no longer sell international bank drafts

Our international bank draft service is now unavailable, effective Tuesday, 1 May 2018. You'll still be able to stop an international bank draft but we won't be able to issue you a replacement or a new draft.

Existing Tertiary and Graduate Overdraft interest rate changes

Our existing Tertiary and Graduate overdrafts are now charged interest on balances, in line with the interest rate change to new Tertiary and Graduate overdrafts established after 1 February 2018. This is effective from 1 May 2018.

Current interest rate

Interest rate from 1 May 2018

Not applicable

5% p.a.

Kiwibank Merchant Agreement clause changes

We’ve made changes to some of our clauses in the Kiwibank Merchant Agreement. These are effective from 18 April 2018. Download the new Kiwibank Merchant Agreement (PDF 925.6 KB).

We’ve summarised the changes below, but recommend that you review the updated agreement in full
Clause reference from previous Merchant Agreement Previous document page number Updated document page number Change
Interpretation - 1.1 1 1 Card definition expanded to include virtual and physical cards
Newly defined terms added: card security code, contactless transaction, floor limit, MAN PAN, PAN and quasi-cash transaction
2 2 Definitions updated: CVC2, CVV2, data breach, data security standards, recurring transaction and unavailable for authentication transaction
5 6 Secure Sockets Layer definition expanded to include Transport Layer Security
Data security standards - 4.5 12 12 (b) (iii) updated to include "transmission and storage"
New sub clause (vii) added to clarify our investigator's right of access to systems in the event of a data breach
(ix) updated to include that accreditation must be by a Qualified Security Assessor (QSA)
12 13 (ii) updated to include "fees and other costs" (in addition to fines imposed)
References to "penalties" updated to "fines or fees" in (iii)
Your duties to card holders - 4.5 13 14 Paragraph (d) inserted, prohibiting charging a fee for a cash withdrawal given in the course of a transaction, except in defined circumstances.
Surcharging - 4.7 15 16 Font type and size requirement in (b) (vi) removed
Accepting nominated card details - 5.1 16 17 Paragraph (c) added, relating to reducing the value of any transaction below the floor limit
Accepting nominated card details - 5.3 17 18 Merchant's obligations at point of sale clarified
Accepting nominated card details - 5.4 - 5.12 17 18 New provisions added relating to the processing of remote transactions, recurring transactions and quasi-cash transactions
Accepting nominated card details - 5.15 18 21 (b) amended to provide for business addresses where the business is operated from home
(f) amended to expand on requirements for return/refund and cancellation policies
Previous obligations in relation to displaying accepted card scheme marks, consumer data privacy policy and security capabilities for transmission of payment card details in (f) removed
Accepting nominated card details - 5.23 New requirement added to outline how cardholder data is protected on website
Transaction authorisations and authentication - 6.2 21 24 Paragraph (b) (i) added, relating to transactions over floor limit
Transaction authorisations and authentication - 6.3 21 24 New clauses added relating to MOTO, electronic commerce transaction floor limits and contactless transactions
Transaction authorisations and authentication - 6.8 21 24 Paragraph (b) added relating to online authentication programmes
Transaction authorisations and authentication - 6.12 23 26 Paragraph (d) added relating to use of a bureau
Receipts - 8.4 27 29 Clause expanded in relation to requirements where a link to a website is provided
Receipts - 8.7 27 30 Receipts must now be retained for thirteen months rather than twelve
Using a bureau - 10.1 - 10.7 31 New obligations added where you use a bureau in connection with the transmission of information to us
Indemnity and set-off - 18 38 41 New indemnity added at clause 18.2
Variation and waiver - 20 39 43 Notice period for advising of changes to the agreement (including fees and charges) expanded from fourteen days to thirty days
Variation and waiver - 20 39 43 20.4 added to clarify how notice of changes is to be given
Term, termination and suspension - 21.5 40 44 (c) updated to provide for additional clarity where material is held electronically
Confidential information and privacy 44 49 New obligation added whereby you authorise us to disclose information to card schemes in certain circumstances

Fee changes on our Personal and Business accounts

We've made changes to some of our fees across both Personal and Business accounts. This is effective from 1 March 2018. Download the Personal banking fees and limits brochure (PDF 170.8 KB) and Business banking fees and limits brochure (PDF 831.6 KB).

We’ve summarised the changes below:

Personal Banking

Personal transaction fees

Everyday account fees being removed:

Fee type Account Fee amount
Deposits All accounts Free
Withdrawal - local Kiwibank All accounts Varied, depending on account
Cheque withdrawal Now Account Pay as you go $2 per withdrawal

Everyday account fees being introduced:

Fee type Account Fee amount
Deposits and withdrawals at Kiwibank branch Now Account $5 Monthly Plan & Front Runner Free
Deposits and withdrawals at Kiwibank branch Free Up, Now Account Pay as you go & Bill Blaster $3 per transaction, one free deposit per month

Savings account fees being removed:

Fee type Account Fee amount
Deposits All accounts Free
Withdrawal - local Kiwibank All accounts Varied, depending on account

Savings account fees being introduced:

Fee type Account Fee amount
Deposits and withdrawals at Kiwibank branch Fast Forward Saver Free deposits, one free withdrawal of any type per month, then $5 per withdrawal
Deposits and withdrawals at Kiwibank branch Back-up Saver & First Saver $3 per transaction, one free deposit per month
Deposits and withdrawals at Kiwibank branch Online Call Free Deposits, withdrawals N/A
Personal service fees

Account general service fees being removed:

Fee type Account Current fee
Cash handling fee All accounts When you deposit or withdraw cash at your local Kiwibank, where the combined total cash deposits and withdrawals exceeds $15,000 in a calendar month. 0.25% of the total cash amount

Account general service fees changing:

Fee type Account Current fee New fee
Cheque clearance fee All accounts When you deposit more than three cheques in a day $0.50 per cheque $1 per cheque

Account general service fees being introduced:

Fee type Account New fee
Cheque book fee All accounts with cheque facility $15 per book of 50
Deposit book fee All accounts $15 per book of 50

Other fees being introduced:

Fee type Account New fee
Postal statement fee Now Account Pay as you go, Now Account $5 Monthly Plan, Front Runner, Bill Blaster, Back-Up Saver and Fast Forward Saver (does not apply to accounts through which you access an established overdraft) $2 per account

Business Banking

Business transaction fees

Transaction fees being removed:

Fee type Account Fee amount
Withdrawal fee – cheque Business Edge $0.70 per withdrawal
Withdrawal fee – automatic payment and bill payment Business Edge $0.20 per withdrawal
Withdrawal fee – direct debit Business Edge $0.20 per withdrawal
Withdrawal fee – EFTPOS, Online Business Edge $0.20 per withdrawal
Withdrawal fee - ATM Business Edge $0.20 per withdrawal

Transaction fees changing:

Fee type Account Current fee New fee
Account management Business Edge Free $5 per month per account
Deposit fee Business Edge First 25 electronic deposits free per business per month, then $0.20 per electronic deposit. First 25 manual deposits (at your local Kiwibank) free per business per month, then $1 per manual deposit Free electronic deposits. First 25 manual deposits (at your local Kiwibank) free per account per month, then $1 per manual deposit
Business service fees

Account general service fees changing:

Fee type Account Current fee New fee
Cheque clearance fee All accounts When you deposit a cheque. First five cheques per business per day free, then $0.50 per cheque $1 per cheque

ATM fees being removed:

Fee type Account Current fee New fee
ATM balance enquiry fee All accounts When you make an ATM balance enquiry. First five balance enquiries per month free, then $0.50 per balance enquiry. The other bank ATM fee may also apply Free

Account general service fees being introduced:

Fee type Account New fee
Cheque book fee All accounts with cheque facility $70 per book of 100